[trobertson]

> Demand grows to meet supply.

Well, that's where you're wrong (with respect to housing in the USA).

Municipal zoning laws mean that houses are not getting built. Apartment growth is not keeping up either. Nor is condo growth. In the places with jobs, there is no available housing.

This lack of housing is what is keeping houses at top dollar in spite of the mortgage rate tripling over the span of a year.